richemont’s earnings fall 10%

Bloomberg reports that the world’s second largest luxury-goods maker has been hit by changing market economics:

Net income fell to 1.09 billion euros ($1.39 billion) in the 12 months ended March 31, the Geneva-based company said today in a statement. Profit at the main luxury-goods business climbed 47 percent. The shares slid as much as 7 percent as the company said it can’t tell how falling stock prices and changes in the global economy will affect demand for luxury goods.